North America Automated Parking System Market to Garner $ 1,022.63 Mn by 2028 at 13.5% CAGR: Business Market Insights

The automated parking system market in North America is expected to grow from US$ 421.52 million in 2021 to US$ 1,022.63 million by 2028; it is estimated to grow at a CAGR of 13.5% from 2021 to 2028.

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Development of smart cities; there is a surge in the construction of smart cities and green spaces in buildings across the region, which is creating lucrative growth opportunities for the developers of automated parking systems. As a part of the smart city projects, the construction of luxury buildings accommodating green spaces is anticipated to augment the demand for APS systems, which help save space and lower car emissions. Reclaiming valuable spaces for amenities, and additional living by owners, and architects will offer ample opportunities for the automated parking system market players to provide customized solutions with enhanced functionalities for improving the profitability of commercial buildings. This is bolstering the growth of the automated parking system market.

Key Market Segments:
On the basis of component, the market is segmented into hardware and software. In 2020, the hardware segment held the largest share North America automated parking system market. Based on the automation level, the automated parking system market is segmented into semi-automated and fully-automated. The market for fully-automated parking systems is anticipated to grow at a significant CAGR during the forecast period. On the basis of platform, the market is segmented into palleted and non-palleted. The palleted segment accounts for largest market share in the 2020. On the basis of end-user, the automated parking system market is segmented into residential, commercial, and mixed-use. The commercial segment contributed a substantial share in 2020.

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Company Profiles:
• AJ Automated Parking Systems Co., Ltd.
• CityLift Parking
• FATA Automation Inc.
• Klaus Multiparking
• Park Plus, Inc.
• Parkmatic
• Robotic Parking Systems, Inc.
• U-tron
• WESTFALIA TECHNOLOGIES, INC.

North America Automated Parking System market- By Platform:
1. Semi-automated
2. Fully-automated

North America Automated Parking System market- By Automation Level
• Palleted
• Non-palleted

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